The Everyday Living
An attractive aspect of living in Panama is the low cost of everyday living. For instance, if you are going shopping for food at the fruit and vegetable market, they have a huge variety of produce where you can spend less than $10 and receive what you’re used to paying elsewhere $40 for the same produce. Movie tickets are $4 a piece, National bus service to other cities in the country is cheap and comfortable, the health care is high in quality for a very low price, you can find full lunch specials for $2.50, and much more. One thing that people like to brag about living in Panama is that it is known for having the cheapest beer in the world! We’ve seen in grocery stores $8 for a 24 pack of Atlas and Balboa beers. That’s 33 cents a beer!
Why Retirees Want to Live in Panama
With the low cost of living in Panama comes many retirees who are looking to stretch their monthly retirement checks. The retirees in this country enjoy huge discounts on the already low cost of living with 25-50% off hotels, flights, restaurants, and more.
The Real Estate Property Bargins in Panama
Real Estate in Panama has gone through a huge boom in the past 5 years despite declines in most other real estate markets around the world. But, you are still able to find magnificent deals on properties with low prices throughout the country.
The Big City
The skyline of the Panama Bay and throughout the city is becoming taller day by day and incredibly modern. The new Trump Ocean Club is almost complete in Punta Pacifica bringing with it attention from the International Real Estate and Business scene. Also, with the banking center in the heart of the city and the amount of International businesses that are moving their headquarters to Panama, the demand for high end condos and homes in the recent years have been a lot higher than other places in the world giving a bigger push to the real estate market. Though this country has been booming, there are still incredible deals that you can find in the city and throughout the country because of the softened market around the world. Foreign investment slowed down in Panama since 2009 and prices have become much more stable but are still producing positive returns for investors.
The Beaches of Panama
The beaches in Panama are well known for their tropical beauty and ecological diversity. Beach Real Estate in Panama has become higher in demand in the past five years. The beach community developments range from modest beach villas, to small luxury high rise condos, to huge beach front mansions all for a fraction of the price you would pay in the US or the Caribbean. These developments, unlike in many other tropical countries do not worry about extreme weather patterns like hurricanes and large earthquakes due to the location of Panama (check out our section on earthquakes and hurricanes). With this added plus, you pay less on your home because you do not need insurance for weather disaster, along with less everyday on groceries and restaurants, less to have fun and be entertained at one of the many casinos or movie theaters; and all of this can create more value for you in your life!
The mountain communities in Panama (Especially the town of Boquete), have been recognized worldwide by AARP and International Living for being the best locations to retire outside of the US. International Living has rated the mountain town of Boquete several times as a hot destination for US and Canadians to find their low cost sanctuary with the year round Spring like temperatures. There are beautiful developments and homes mountain side that will take your breath away. You can also find your sanctuary mountain home right outside of Panama City with several developments being built for incredible buys!
This The low cost of living has increased the amount of ex pats in Panama bringing along with it many new businesses and services. Please feel free to contact us with any questions about the low cost of living in Panama. We will not hesitate to answer truthfully and from the heart. Thank you!
Tax Benefits in Panama
There has been several tax benefits in Panama over the past 15 years for real estate investors, business owners, and retirees. This includes for real estate no property tax on new homes for 20 years and no tax on properties under a certain amount of money (~$30,000). The income tax in Panama is set on a sliding scale that is substantially lower than your taxes in the US or elsewhere. Also, the Pensionado discount or retirement discount is a government tax program to give retirees discounts throughout the country on travel, restaurants, and even a tax exemption for importing their household goods and car. These laws tend to change from time to time so you should talk to your Panamanian lawyer to receive up to date information on the tax benefits in Panama.